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Monday, January 09, 2023Emergency Update: Illinois Department of Revenue
In recent alerts from the Illinois CPA Society, it has come to our attention that the United States Post Office (USPO) has refused to pick up or deliver IDOR 1040-ES (Estimated Individual Payments) to the address specified on the IDOR tax forms (Illinois Department of Revenue--Springfield IL 62736-0001). REMEDY: When mailing items to the Illinois Department of Revenue (IDOR) using the USPO address, include IDOR’s street address to ensure delivery. The correct address is: ILLINOIS DEPARTMENT OF
Thursday, December 01, 2022Act now to reduce your business’s 2022 tax bill
Act now to reduce your business’s 2022 tax bill It’s been a tumultuous year for many businesses, and the current economic climate promises more uncertainty for the short term, if not longer. Regardless of how your company has fared so far in 2022, there’s still time to make moves that may reduce your federal tax liability. Read on for some strategies worth your consideration. Time your income and expenses When it comes to year-end tax reduction strategies, the granddaddy of them all — for businesses
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Wednesday, September 07, 2022Clean Vehicle Credit comes with caveats
Clean Vehicle Credit comes with caveats The Inflation Reduction Act (IRA) includes a wide range of tax incentives aimed at combating the dire effects of climate change. One of the provisions receiving considerable attention from consumers is the expansion of the Qualified Plug-in Electric Drive Motor Vehicle Credit (IRC Section 30D), now known as the Clean Vehicle Credit. While the expanded credit seems promising, questions have arisen about just how immediate its impact will be. Here’s what you need
Thursday, September 01, 2022IRS Offers Penalty Relief for 2019, 2020 Tax Years
IRS Offers Penalty Relief for 2019, 2020 Tax Years While the recently announced student loan debt relief has captured numerous headlines, it’s estimated that another federal relief program announced on the same day will provide more than $1.2 billion in tax refunds or credits. Specifically, IRS Notice 2022-36 extends penalty relief to both individuals and businesses who missed the filing deadlines for certain 2019 and/or 2020 tax and information returns. The relief covers many of the most commonly filed
Friday, August 05, 2022CHIPS Act poised to boost U.S. businesses
CHIPS Act poised to boost U.S. businesses The Creating Helpful Incentives to Produce Semiconductors for America Act (CHIPS Act) was recently passed by Congress as part of the CHIPS and Science Act of 2022. President Biden is expected to sign it into law shortly. Among other things, the $52 billion package provides generous tax incentives to increase domestic production of semiconductors, also known as chips. While the incentives themselves are narrowly targeted, the expansion of semiconductor production
Tuesday, August 02, 2022Businesses: Act Now to Make the Most out of Bonus Depreciation
Businesses: Act now to make the most out of bonus depreciation The Tax Cuts and Jobs Act (TCJA) significantly boosted the potential value of bonus depreciation for taxpayers — but only for a limited duration. The amount of first-year depreciation available as a so-called bonus will begin to drop from 100% after 2022, and businesses should plan accordingly. Bonus depreciation in a nutshell Bonus depreciation has been available in varying amounts for some time. Immediately prior to the passage of the
